Automotive lighting market size to grow by USD 14.41 billion from 2022 to 2027 | FLEX N GATE Corp, General Electric Co., Hyundai Motor Group and more among the key companies in the market - Technavio

NEW YORK, Dec. 5, 2023 /PRNewswire/ -- Technavio categorizes the global automotive lighting market as a part of the global automotive components and accessories market. The global automotive lighting market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive lighting in the market are FLEX N GATE Corp, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, Lumax Industries Ltd., Marelli Holdings Co Ltd, Namyung Lighting Co. Ltd, NXP Semiconductors NV, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Varroc Engineering Ltd, OSRAM GmbH, Robert Bosch GmbH, Valeo SA, Continental AG, and LG Corp. and others. The global automotive lighting market is at its growing stage. This implies that the market in focus is characterized by increasing demand for effective interior lighting, a rise in penetration of LED lighting, and stringent regulations on road safety.The global automotive components and accessories; market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive lighting market size is estimated to increase by USD 14,415.24 million. The market's growth momentum will progress at a CAGR of 9.79%.

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Global automotive lighting market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Vendor offerings -

• General Electric Co.: The company offers automotive lighting such as Ouster OS1, and ADB.
• Koito Manufacturing Co. Ltd: The company offers automotive lighting such as 9005.
• Koninklijke Philips NV: The company offers automotive lighting such as LED Headlamps, Discharge Headlamps, and Halogen Headlamps.
• Lumax Industries Ltd.: The company offers automotive lighting such as DiamondVision, WhiteVision Ultra, and Ultinon Pro5000 LED.
• Marelli Holdings Co Ltd: The company offers automotive lighting such as miniature lasers, micro-electrical mechanical systems, organic light diodes, and specialized LED.
• For Details on the vendor and its offerings – Buy the report!

Global automotive lighting market - Segmentation assessment

Segment overview
Technavio has segmented the market based on type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth of the passenger segment will be higher than the other segments during the forecast period. The market for interior vehicle lighting is primarily driven by the rise in demand for luxury cars, particularly in developing nations, as well as technology advancements and improvements to vehicle safety. Market expansion is anticipated to be boosted by the combination of these lighting systems with infotainment systems and ambient lighting as brand differentiators. The growing popularity of sport utility vehicles (SUVs) among consumers will be the main factor driving the passenger cars sector of the global automotive lighting market during the projected period.

Geography overview
By geography, the global automotive lighting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive lighting market.

• APAC will account for 58% of the market's growth during the forecast period. Due to the rising demand for LED lighting systems and increased auto production in the region, the APAC automotive lighting market will expand gradually during the projected period. Governmental incentives and the development of an EV charging infrastructure are also boosting the demand for these vehicles in the area. The region is predicted to adopt strict emission standards due to the growing concern about the use of diesel-powered vehicles, which is expected to increase demand for EVs in APAC.

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Global automotive lighting market – Market dynamics

Leading drivers - The rise in penetration of LED lighting is notably driving the automotive lighting market growth. Technological advancements lead to enabling features like glare-free adaptive driving beams (ADB), which improve the performance of LED lighting systems in the car industry. These features help drivers recognize and locate other roadways, particularly at night. Such advancements in headlamp-related LED lighting technology have significantly fueled the development of LED lighting technology in the luxury automotive market. Vendors are anticipated to experience significant growth due to the rising adoption of LED technology in mid-range and luxury automobiles.

Key trends - The development of autonomous vehicles is a major trend in the automotive lighting market. The market adoption of semi-autonomous features in passenger and commercial cars has increased due to various campaigns and promotions. By the end of the forecast period, self-driving cars may be a reality, and in ten years, a sizable number of them are projected to be on the road. Additionally, automakers can only demonstrate vehicle distinctiveness by including unique features.  As a result, the requirement for interior lighting is being driven by the increase in electronic content per vehicle.

Major challenges - Stringent regulations governing automotive lighting technologies impede the growth of the automotive lighting market. To increase energy efficiency, nations all around the world have imposed the phase-out of incandescent light bulbs or halogen illumination. Even manufacturers of automotive LED lamps are subjected to legal and government regulations. Companies must abide by laws governing business, antitrust, patents, consumer rights, taxes, foreign exchange, environmental protection, recycling, and safety. Most nations either adhere to the SAE standards or have their own federal laws regulating the automotive lighting industry. The financial state of the companies and their market performances may suffer as a result of changes to these restrictions.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this automotive lighting market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the automotive lighting market between 2023 and 2027
• Precise estimation of the size of the automotive lighting market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the automotive lighting market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of automotive lighting market vendors

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TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Vehicle Type
7. Market Segmentation by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix 

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SOURCE Technavio